Jun 2026 (Q2 FY26) — Jul 23, 2026
Digital Realty Q2 FY26 — Record Bookings, Strong FFO Growth, and Strategic Expansion
Read the full callDigital Realty (DLR) earnings
- Mar 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Digital Realty earnings: last reported Thu, 23 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 1,635 | +16.2% YoY | Quarterly, as filed | Quarter to Mar 2026 | Revenue from operations as filed. |
| Operating margin | 16.4 | +2.4 pts YoY | Operating profit / revenue | Quarter to Mar 2026 | For the quarter; a change is in percentage points. |
| Net profit | 179 | +63.0% YoY | Quarterly, as filed | Quarter to Mar 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
16 of 17 judged targets kept · 14 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Quarterly 0-1 megawatt plus interconnection bookings doubled from the ~$50 million run rate | double our colocation bookings | Jun 2025 | We set a goal of doubling that level over time by focusing on the growing importance of highly connected digital infrastructure. During the second quarter, we achieved that objective for the first time, delivering $108 million of bookings in our 0-1 megawatt plus interconnection business | Achieved |
| Full-year cash re-leasing (renewal) spreads | 6% to 8% | Dec 2025 | We also expect cash renewal spreads of 9% to 11%, up another 250 basis points from last quarter, driven by strong performance year-to-date with a healthy outlook for the remainder of the year. | Revised Up |
| Closing of the Teraco 16% interest and Columbia Capital acquisitions | expected to close in the second half of the year | Jun 2026 | we also announced our plans to acquire a 16% interest in Teraco for roughly $650 million of DLR common stock and Columbia Capital for approximately $485 million, which are expected to close in the second half of the year | New |
1 of DIGITAL REALTY TRUST, INC.'s 31 targets was missed. See which ones, and which are quietly gone. The 3 above are the free sample; 28 more targets are in the full ledger.
Claimed
- Core FFO, excluding net promote income, reached $2.13 per share, exceeding expectations and delivering 14% year-over-year growth.
- Record 0-1 megawatt plus interconnection bookings surpassed $100 million, reaching $108 million.
- Renewal spreads surged to a record 25%+, with greater than 1 megawatt renewals delivering a remarkable 66.7% mark-to-market.
- Total backlog reached a new record of $1.9 billion (100% share) or $1.4 billion (DLR share), representing approximately 30% of in-place data center revenue.
- Announced 4 strategic transactions, including the acquisition of Blackstone's interest in 3 hyperscale data centers (288 MW) and the acquisition of Columbia Capital ($9B+ fund commitments).
Qualified
Price
$173 −1.69% · −$2.97
Performance +0.2% 1Y
1Y: $172.73 on 17 Oct 2025 → $173. High $203.91 (20 Apr 2026), low $147.93 (18 Dec 2025).
- Previous close
- $175.97
- 52-week range
- $147.93 – $203.91
- One year
- +0.05%
Overview
- Symbol
- DLR
- Sector
- Real Estate
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
16 of 17 judged targets kept · 14 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Quarterly 0-1 megawatt plus interconnection bookings doubled from the ~$50 million run rate | double our colocation bookings | Jun 2025 | We set a goal of doubling that level over time by focusing on the growing importance of highly connected digital infrastructure. During the second quarter, we achieved that objective for the first time, delivering $108 million of bookings in our 0-1 megawatt plus interconnection business | Achieved |
| Full-year cash re-leasing (renewal) spreads | 6% to 8% | Dec 2025 | We also expect cash renewal spreads of 9% to 11%, up another 250 basis points from last quarter, driven by strong performance year-to-date with a healthy outlook for the remainder of the year. | Revised Up |
| Closing of the Teraco 16% interest and Columbia Capital acquisitions | expected to close in the second half of the year | Jun 2026 | we also announced our plans to acquire a 16% interest in Teraco for roughly $650 million of DLR common stock and Columbia Capital for approximately $485 million, which are expected to close in the second half of the year | New |
Claimed
- Core FFO, excluding net promote income, reached $2.13 per share, exceeding expectations and delivering 14% year-over-year growth.
- Record 0-1 megawatt plus interconnection bookings surpassed $100 million, reaching $108 million.
- Renewal spreads surged to a record 25%+, with greater than 1 megawatt renewals delivering a remarkable 66.7% mark-to-market.
- Total backlog reached a new record of $1.9 billion (100% share) or $1.4 billion (DLR share), representing approximately 30% of in-place data center revenue.
- Announced 4 strategic transactions, including the acquisition of Blackstone's interest in 3 hyperscale data centers (288 MW) and the acquisition of Columbia Capital ($9B+ fund commitments).
Qualified
The full ledger
Open DIGITAL REALTY TRUST, INC.’s full ledger
A free account opens 5 company ledgers a month. All 31 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 23, 2026
Digital Realty Q1 FY26 — Record start with largest-ever lease and a guidance raise
Read the full callDec 2025 (Q4 FY25) — Feb 5, 2026
Digital Realty Q4 FY25 — Record Bookings and Strong FFO Growth Driven by Hyperscale and AI Demand
Read the full callEvery analysed call
Digital Realty earnings calls (DLR)
Financials
What the filings say
Net profit, year on year: +63% (quarter to mar 2026 against mar 2025).
| Line item | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 1,357 | 1,431 | 1,436 | 1,408 | 1,493 | 1,577 | 1,635 | 1,635 |
| Operating profit | 10 | 168 | 144 | 197 | 212 | 138 | 113 | 268 |
| Operating margin | 0.7% | 11.8% | 10.1% | 14.0% | 14.2% | 8.8% | 6.9% | 16.4% |
| Interest | 115 | 124 | 105 | 98 | 109 | 114 | 117 | 116 |
| Net profit | 80 | 51 | 190 | 110 | 1,032 | 68 | 99 | 179 |
| EPS ($ per share) | 0.22 | 0.13 | — | 0.30 | 3.03 | 0.17 | — | 0.49 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 2 | 2 | 3 | 3 | 3 | 3 | 3 | 3 |
| Reserves | -2,633 | -3,047 | -3,998 | -3,632 | -4,698 | -5,263 | -6,292 | -6,691 |
| Total liabilities | 12,893 | 12,419 | 17,588 | 17,846 | 21,863 | 23,117 | 22,108 | 24,564 |
| Total assets | 23,767 | 23,068 | 36,076 | 36,370 | 41,485 | 44,113 | 45,284 | 49,410 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 1,385 | 1,514 | 1,707 | 1,702 | 1,659 | 1,635 | 2,261 | 2,412 |
| Cash from investing | -3,036 | -275 | -2,599 | -1,062 | -4,699 | -1,115 | -1,906 | -2,230 |
| Cash from financing | 1,757 | -1,272 | 936 | -591 | 2,969 | 963 | 2,063 | -487 |
| Capital expenditure | -411 | — | — | — | — | — | — | — |
| Free cash flow | 975 | — | — | — | — | — | — | — |
DLR revenue by segment
Fee Income and Other grew from 1% to 13% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Rental and Other Services | 99% | 98% | 99% | 98% | 97% | 97% | 98% | 87% | +14.9% |
| Fee Income and Other | 1% | 2% | 1% | 2% | 3% | 3% | 2% | 13% | +596.9% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
DLR operating KPIs by quarter
| KPI | Mar 2025 Q1 FY25 | Jun 2025 Q2 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|
| Bookings 0-1 megawatt plus interconnection | $69MLeasing in our 0 to 1 megawatt plus interconnection segment was $69 million, our second highest ever behind only last quarter's record.Source: earnings call transcript | $90MRecord performance in the 0-1 megawatt plus interconnection product set stole the show in the quarter with $90 million of bookings.Source: earnings call transcript | $85MLike last quarter, our 0-1 megawatt plus interconnection category was a strong contributor to our leasing strength with $85 million in new leases, along with a healthy $76 million of greater than a megawatt leasing.Source: earnings call transcript | $96MOur 0 to 1 megawatt plus interconnection product set continued its strong momentum, posting a new leasing record of $96 million, 7% higher than the previous record set in 2Q of '25.Source: earnings call transcript | $98MStrength was broad-based in the quarter with another record of $98 million of leasing within our 0-1 megawatt plus interconnection product where proximity, connectivity and access to relevant enterprises and service providers matter most.Source: earnings call transcript | $108MDuring the second quarter, we achieved that objective for the first time, delivering $108 million of bookings in our 0-1 megawatt plus interconnection business and marking a third consecutive quarterly record.Source: earnings call transcript | +10.2% |
| Interconnection bookings | $15MThis quarter's total included $15 million of interconnection bookings.Source: earnings call transcript | — | $20MInterconnection leasing of $20 million marked a second consecutive record quarter which was 13% higher than the last quarter's record, underscoring the growing recognition of our connectivity-driven value proposition.Source: earnings call transcript | $18.9MInterconnection bookings approached last quarter's record at $18.9 million.Source: earnings call transcript | $18.6MInterconnection bookings remained strong at $18.6 million, 24% higher than a year ago.Source: earnings call transcript | $20.5MInterconnection bookings of 20.5 million in the quarter also marked a new record, up 18% from the prior year as these bookings benefit from the overall growth in our 0-1 megawatt category.Source: earnings call transcript | +10.2% |
| New logos added | 119During the first quarter, we added another 119 new logos, including a leading global semiconductor equipment manufacturer deploying high-performance computing in Paris to take advantage of the well-developed cloud and network communities, along with an emerging AI community on PlatformDIGITAL.Source: earnings call transcript | 139This strategic advantage continues to set Digital Realty apart, driving the addition of 139 new logos in the second quarter.Source: earnings call transcript | 156We also added a near-record 156 new logos.Source: earnings call transcript | — | 116We continue to increase our market share in this category, while growing our customer base with 116 new logos added in the quarter.Source: earnings call transcript | 142As we add new customers, 142 new logos this quarter, expand new -- to new markets and new services with existing customers.Source: earnings call transcript | +22.4% |
| Bookings Greater than-megawatt | $172MAt our share, greater than a megawatt leasing was $172 million.Source: earnings call transcript | $45MWe signed $45 million within the greater than a megawatt category at our share with leasing spread across our regions.Source: earnings call transcript | $76MLike last quarter, our 0-1 megawatt plus interconnection category was a strong contributor to our leasing strength with $85 million in new leases, along with a healthy $76 million of greater than a megawatt leasing.Source: earnings call transcript | $78MWe signed $78 million within the greater than 1 megawatt category at our share with continued strength in the Americas.Source: earnings call transcript | — | — | +2.6% |
| Capacity delivered | <50In the first quarter, we grew core FFO by 6.1%, posted strong leasing results and increased the capacity under development by another 26% despite delivering nearly 50 megawatts of new capacity during the quarter, a great start to the year.Source: earnings call transcript | 96During the quarter, we delivered a record 96 megawatts of new capacity, 98% of which was pre-leased while 16 megawatts of new data center projects started construction, leaving 734 megawatts under construction.Source: earnings call transcript | — | ~90During the quarter, we delivered about 90 megawatts of new capacity, 75% of which was pre-leased, while we started about 135 megawatts of new data center projects, increasing our total development to 769 megawatts under construction.Source: earnings call transcript | 63During the quarter, we delivered 63 megawatts of new capacity, 84% of which was pre-leased, while we started about 464 megawatts of new data center capacity that was nearly 50% pre-leased, increasing our total development to 1.2 gigawatts under construction.Source: earnings call transcript | 76During the quarter, we delivered 76 megawatts of new IT capacity, approximately 60% of which was pre-leased.Source: earnings call transcript | +20.6% |
| Capacity starts | 219We delivered nearly 50 megawatts of new capacity, 83% of which was pre-leased, while we started another 219 megawatts of new projects, highlighted by 200 megawatts in Northern Virginia that is 50% pre-leased.Source: earnings call transcript | 16During the quarter, we delivered a record 96 megawatts of new capacity, 98% of which was pre-leased while 16 megawatts of new data center projects started construction, leaving 734 megawatts under construction.Source: earnings call transcript | — | ~135During the quarter, we delivered about 90 megawatts of new capacity, 75% of which was pre-leased, while we started about 135 megawatts of new data center projects, increasing our total development to 769 megawatts under construction.Source: earnings call transcript | ~464During the quarter, we delivered 63 megawatts of new capacity, 84% of which was pre-leased, while we started about 464 megawatts of new data center capacity that was nearly 50% pre-leased, increasing our total development to 1.2 gigawatts under construction.Source: earnings call transcript | 312At the same time, we commenced development of 312 megawatts of capacity including significant available inventory in Northern Virginia and Marseille to support future customer deployments.Source: earnings call transcript | — |
| Capital expenditures Development | ~$700MDuring the quarter, we spent approximately $1 billion on development CapEx on a gross basis, including our partner share and roughly $700 million on a net basis to Digital Realty.Source: earnings call transcript | ~$700MDuring the second quarter, we spent over $900 million on development CapEx on a gross basis, which includes our partner share and approximately $700 million on a net basis to Digital Realty.Source: earnings call transcript | $900M+During the third quarter, we spent over $900 million on development CapEx when including our partner share and approximately $700 million on a net basis to Digital Realty.Source: earnings call transcript | — | — | — | — |
| Capital expenditures Development, net to Digital Realty | — | — | ~$700MDuring the third quarter, we spent over $900 million on development CapEx when including our partner share and approximately $700 million on a net basis to Digital Realty.Source: earnings call transcript | $930MWe spent $930 million on development CapEx in the quarter, net of our partner share, bringing full year spend to $3 billion.Source: earnings call transcript | $910MWe spent $910 million on development CapEx in the quarter, net of our partner share.Source: earnings call transcript | $1.1BWe invested $1.1 billion in development CapEx during the quarter, net of our partner share, bringing year-to-date capital spending to $2 billion.Source: earnings call transcript | +20.9% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Revenue by region
Q2 FY2026 · share of revenue
- US 57% ↑ 5 pt
- Non Us 43% ↓ 5 pt
As DLR cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
13 filings between Nov 26, 2025 and Oct 1, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$694.6K
2 sales by 2 insiders
Compensation
not trading decisions- 3
- Award — granted as compensation
- 1
- Option exercise — converted options into shares
- 7
- Tax withheld — shares kept back by the company to cover tax
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Preusse Mary Hogan | — | $655.8K | Dec 1, 2025 |
| Patterson Mark R | — | $38.8K | Aug 27, 2026 |
Latest filings (34)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 1, 2026 | Kornegay Christine Beseda CHIEF ACCOUNTING OFFICER | Tax withheld | 54 | $9.5K |
| Aug 27, 2026 | Patterson Mark R Director | Sale | 200 | $38.8K |
| Jul 1, 2026 | Kornegay Christine Beseda CHIEF ACCOUNTING OFFICER | Tax withheld | 53 | $9.3K |
| May 29, 2026 | MANDEVILLE JEAN F H P Director | Award | 1,289 | $0 |
| May 28, 2026 | MANDEVILLE JEAN F H P Director | Tax withheld | 284 | $54.4K |
| Apr 1, 2026 | Kornegay Christine Beseda CHIEF ACCOUNTING OFFICER | Tax withheld | 53 | $9.6K |
| Mar 13, 2026 | Kornegay Christine Beseda CHIEF ACCOUNTING OFFICER | Award | 626 | $112.4K |
| Mar 13, 2026 | Kornegay Christine Beseda CHIEF ACCOUNTING OFFICER | Tax withheld | 84 | $15.1K |
| Jan 2, 2026 | Kornegay Christine Beseda CHIEF ACCOUNTING OFFICER | Tax withheld | 25 | $3.9K |
| Jan 2, 2026 | Kornegay Christine Beseda CHIEF ACCOUNTING OFFICER | Tax withheld | 19 | $2.9K |
| Jan 1, 2026 | Kornegay Christine Beseda CHIEF ACCOUNTING OFFICER | Award | 1,131 | $175.0K |
| Dec 1, 2025 | Preusse Mary Hogan Director | Sale | 4,166 | $655.8K |
| Nov 26, 2025 | Preusse Mary Hogan Director | Option exercise | 4,166 | $0 |
| Oct 1, 2025 | Kornegay Christine Beseda CHIEF ACCOUNTING OFFICER | Tax withheld | 35 | $6.0K |
| Sep 15, 2025 | Power Andrew PRESIDENT AND CEO | Option exercise 10b5-1 plan | 53,269 | $0 |
| Sep 15, 2025 | Power Andrew PRESIDENT AND CEO | Sale 10b5-1 plan | 53,269 | $9.33M |
| Sep 12, 2025 | Power Andrew PRESIDENT AND CEO | Option exercise 10b5-1 plan | 4,731 | $0 |
| Sep 12, 2025 | Power Andrew PRESIDENT AND CEO | Sale 10b5-1 plan | 4,731 | $828.4K |
| Jul 1, 2025 | Kornegay Christine Beseda CHIEF ACCOUNTING OFFICER | Tax withheld | 35 | $6.0K |
| Jun 6, 2025 | MANDEVILLE JEAN F H P Director | Award | 1,300 | $0 |
| Jun 5, 2025 | MANDEVILLE JEAN F H P Director | Tax withheld | 321 | $56.5K |
| Jun 5, 2025 | Patterson Mark R Director | Sale | 175 | $30.9K |
| Apr 1, 2025 | Kornegay Christine Beseda CHIEF ACCOUNTING OFFICER | Tax withheld | 35 | $5.1K |
| Mar 14, 2025 | Kornegay Christine Beseda CHIEF ACCOUNTING OFFICER | Award | 683 | $101.5K |
| Feb 27, 2025 | Lee Jeannie EVP, GENERAL COUNSEL | Tax withheld | 120 | $18.9K |
| Feb 25, 2025 | Lee Jeannie EVP, GENERAL COUNSEL | Tax withheld | 2 | $316 |
| Jan 2, 2025 | Kornegay Christine Beseda CHIEF ACCOUNTING OFFICER | Tax withheld | 25 | $4.4K |
| Jan 2, 2025 | Lee Jeannie EVP, GENERAL COUNSEL | Tax withheld | 12 | $2.1K |
| Jan 1, 2025 | Kornegay Christine Beseda CHIEF ACCOUNTING OFFICER | Award | 986 | $174.8K |
| Dec 12, 2024 | Mercier Matt CFO | Sale | 2,518 | $471.9K |
| Dec 10, 2024 | Mercier Matt CFO | Option exercise | 2,518 | $0 |
| Nov 25, 2024 | Lee Jeannie EVP, GENERAL COUNSEL | Tax withheld | 2 | $386 |
| Oct 1, 2024 | Lee Jeannie EVP, GENERAL COUNSEL | Tax withheld | 10 | $1.6K |
| Oct 1, 2024 | Kornegay Christine Beseda CHIEF ACCOUNTING OFFICER | Tax withheld | 20 | $3.2K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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